Misumi Group

Misumi Group (9962 JP): Watch Out for Recession

Equity Bottom-Up
357 Views, 07 May 2022 13:53
EXECUTIVE SUMMARY
  • The shares look cheap on FY Mar-23 guidance, but operating profit has dropped back after a surge and 1H looks difficult.
  • On the positive side, the VONA e-commerce business is catching up with Factory Automation as a source of profit. Annual sales and profitability have reached new highs.
  • Management has rebalanced the business. The main risk now is macro-economic. 
detail (4-minute read)
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Scott Foster
Independent Insight Provider, Japanese equities
LightStream Research
JapanInformation TechnologyEquity Bottom-UpThematic (Sector/Industry)

Securities analyst covering electronics, precision equipment & robotics, engineering, construction, transport and other ... 

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